Lifeist Announces TSXV Approval of Common Share Consolidation

TORONTO, May 10, 2024 (GLOBE NEWSWIRE) -- Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: LFSWF), a health-tech company that leverages advancements in science and technology to build breakthrough ventures that transform human wellness, today announced that, further to its news release dated April 30, 2024, the TSX Venture Exchange (the "Exchange") has approved the consolidation of the Company’s issued and outstanding common shares on the basis of one (1) post-consolidation common share for every twenty (20) pre-consolidation common shares (the “Consolidation”). The Consolidation will be effective at the opening of the market on Tuesday, May 21, 2024. The Consolidation was approved by the Company's shareholders at the annual and special meeting held on March 14, 2024.

The Company's name and trading symbol will remain unchanged following the Consolidation. The new CUSIP number will be 53228D205 and the new ISIN number will be CA53228D2059 for the post-Consolidation common shares. The Company currently has 594,087,243 common shares issued and outstanding, and after the Consolidation is effective there will be approximately 29,704,362 common shares issued and outstanding.

No fractional shares will be issued as a result of the Consolidation. Instead, any fractional share interest of 0.5 or higher arising from the Consolidation will be rounded up to one whole share, and any fractional share interest of less than 0.5 will be cancelled without further compensation.

A letter of transmittal from the Company's transfer agent, Computershare, will be sent to registered shareholders. Shareholders who hold their shares in brokerage accounts are not required to take any action to effect an exchange of their common shares.

About Lifeist Wellness Inc.

Sitting at the forefront of the post-pandemic wellness revolution, Lifeist leverages advancements in science and technology to build breakthrough companies that transform human wellness. Portfolio business units include: Mikra, a biosciences and consumer wellness company developing and selling innovative products for cellular health; CannMart, which operates a B2B wholesale distribution business facilitating recreational cannabis sales to Canadian provincial government control boards including for CannMart Labs, a BHO extraction facility producing high margin cannabis 2.0 products; and Australian Vapes, one of Australia’s largest online retailers of vaporizers and accessories.